He said the world was experiencing a three-speed economic recovery, with advanced economies likely to grow at just over 2.5% in 2011 and the emerging economies at just under 7%, with the U.S. in between,growing at 3%.

The three-speed internally-geared hub will offer a wide-enough gear range for the flat roads and bike paths the bikes will mostly see; coaster braking is intuitive to most people; and rear racks and front baskets offer the requisite cargo-carrying capacity every good city bike needs.

And despite this bike's low price and clean, classic looks (notice that it has virtually no branding), the Via 1 has well-thought-out features like a steel twin top tube designed to hold a U-lock, a matching rear rack to carry beach or city essentials, bolted wheels (they're harder to steal) and an internal three-speed hub.